Mo. Revenue 2.7 Percent Higher than Last Year
JEFFERSON CITY (AP) - Missouri tax revenue is higher than last year, but a dip in individual income tax collections last month has prompted some concern.
Eleven months through the current budget year, revenue has increased from last year by 2.7 percent to $6.5 billion. However, the state Office of Administration reported Thursday that individual income tax collections were down 1.4 percent from May 2011 to May 2010.
Budget Director Linda Luebbering says the decline in individual income tax collections is causing concern. She says it is inconsistent with what officials thought is an improving economy. Revenue from individual income taxes for the entire year is 2.5 percent greater than last year.
For the entire budget year, corporate tax revenue has increased 10 percent and revenue from sales and use taxes is slightly higher.